Forex Technical Analysis: Trend potential – we are flat


Technical observation

This week I anticipated bullish movements of price, however EUR opened red and it is still trading with an increasing bearish bias, I expect a continuation of this downwards movement to the supportive level 0.9924 followed by a rejection of price. My advice, remain neutral and wait for a correction to the resistance zone 1.0742-1.0696 then sell a bounce within it with your take profit at 0.9924 and stop-loss at 1.1056, if price does not bounce at the level .9924 but clearly breaks below it with a big red candle, I expect the value of EUR to plummet after a correction to the broken line. I can only recommend bullish positions above the zone 1.0742-1.0696.

Trade recommendation

Remain neutral.

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